The reason for the uptick in applications? Developers are looking to capitalize on sky-high rents, says Hildebrand.
“[The rise in applications] is a direct response to the growth in rents,” Hildebrand told Livabl. “It offsets a lot of the negative impacts of rent control [on purpose-built rental construction.]”

While Hildebrand says that he believes the level of construction is still too low, he believes that last quarter’s increase signals a move in the right direction.

“If we continue along this path, we eventually will get to the point where we get to a balanced market,” he says. “Not anytime soon, but if we continue this trajectory, then yes.”